Elon Musk put #Bitcoin in his Twitter bio and prices shot up 15 percent
“It was inevitable.”
Bitcoin prices have been all over the place lately, but the latest price jump can be credited, in part, to Elon Musk.
This week, during all of the Robinhood and GameStop drama, Tesla and SpaceX CEO Elon Musk changed his Twitter bio to “#Bitcoin,” helping prompt a 15% jump in Bitcoin prices. At the time of this writing, Bitcoin is sitting at $37,243 a coin.
In a tweet from around the same time as the updated bio, Musk notes that “In retrospect, it was inevitable,” most likely alluding to people losing faith in the stock market and, instead, putting more trust in a deregulated cryptocurrency.
Previously, Musk had tweeted multiple times about GameStop stocks, the subreddit WallStreetBets, and stated that shorting “is a scam.” Shorting, in this case, refers to what WallStreetBets and many retail investors rallied against.
Elon Musk’s recent tweets about Signal also helped drive a huge number of people to the more-secure messaging service.
Will Wall Street and Robinhood’s recent moves drive more people to cryptocurrency? Quite possibly, but time will tell.
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